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Honours list: Former FSA chief Hector Sants knighted despite regulatory failures

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What the hell is going on. . . . ?

 

Hector Sants, the former Financial Services Authority chief executive criticised over regulatory failures during the financial crisis, has been knighted in the New Year Honours list.

 

More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9770062/Honours-list-Former-FSA-chief-Hector-Sants-knighted-despite-regulatory-failures.html


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I have generally been a Tory voter most of my working life but I will never ever vote for them again having seen this. I have a 6 page letter from the OFT General Counsel telling me why they failed to regulate Swift Advances despite concrete evidence they were breaching Acts of Parliament under the CCA. I have things to do with that so won't comment further on here, but the next thing I'll see is David Fisher the Director at the OFT getting Knighted for not doing his job properly either. Especially when you read that consumers suffered to the tune of £450 million being failed by the OFT for poor CCA regulation over the industry as they, the OFT were under resourced. It's disgraceful, because poor regulation means people losing their homes whilst these financial institutions run roughshod over peoples lives and get awards and bonuses for their 'hard work'..

 

Hector Sants being Knighted is a complete farce and a disgrace and an insult to the people they profess to serve. The FSA have a heavy load to bear in responsibility for what went wrong and now he's expecting us to call him 'Sir' for the pleasure of ruining the lives of thousands, hundreds of thousands.

 

When Northern Rock went belly-up and the Government said they'd be borrowing billions to bail the banks out I said the best and boldest thing a government could do would be to pay off everyone's credit, mortgages and loans which would reimburse these banks and clear people's indebtedness rather than pay money into these black-holes and bank investors pockets. It would create cash-flow for people to spend as they would be no longer in debt, businesses would prosper and employ people, the gov't who did this wouldn't need to canvass for votes for generations and the banks wouldn't fail and we wouldn't have this reluctance to lend to business which is currently meaning money is never made available to re-boot businesses under this government policy of bailing the banks out. I'm sure those not in debt would baulk at people in debt having their debts wiped clean, but it would have had a far more beneficial effect on the way the economy recovered than the way it is now. I smell revolution brewing when you see so many cuts.

 

The fastest rising industry now is pay day loans....:mad2:

 

Andrew1 is no politician and I'll no-doubt be shot down for suggesting such an absurdity, but it must be better than rewarding this failure we see today. Hector Sants should refuse this Knighthood and keep some form of respect for those who are suffering as a result of what he didn't do.

 

Kick these people out who suggested this and get some real businessmen and women running this country.

 

Having worked on the forums for many years now and seeing how the banks and finance industry actually works in reality at the coal-face and how it effects everyday working people and their lives it's about time we had some people in Management who actually understood how to run a country and were accountable for their actions rather than these self congratulating, self serving politicians dictating our every move and then getting some kind of honour for it.

 

I spent 30 yrs on the peripherals in the credit industry myself and know how self congratulating an industry that is (just read Credit Today and the awards process!). We need a few more Tracey McDermotts and Stella Creasey's in the driving seats of this banking world and some common sense injected into it.

 

This government's gone crazy.

Edited by andrew1

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